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Home Insurance Statistics

Have homeowners in Britain got their homes covered?

Despite home insurance providing vital protection for your home and possessions, many homeowners in the UK are choosing to not insure their homes. We have carried out research to find out more about home insurance claims, Brits’ approach to protecting their homes and what can happen in emergencies if you aren’t insured.

Quick overview

There are 22.6 million homes in the UK

6 million homes in the UK don’t have any form of home insurance

The average home has contents worth in excess of £35,000

The average premium (for both building and contents cover) costs £309 per year

That’s less than £6 per week to cover your building and its contents

Water damage accounted for over 30% of home insurance payouts

£35,000

The average contents of a UK home is worth £35,000.

Who is buying home insurance and who isn’t?

With over 22 million homes in the UK – how many homeowners have insurance and how many are risking going without?

There are 22.6 million homes in the UK

6 million homes in the UK don’t have home insurance in 2018

This equates to 1 in 4 properties are uninsured

6 million

Homes in the UK are uninsured.

Which regions are better at having their contents covered?

Northern Ireland is the best region for having their contents covered, with 82% of homes having cover. Whilst only 55% of London homes have contents cover. Explore the map below to see which regions have the most homes without contents cover.

How much does home insurance cost?

Home insurance comes in three main forms; contents insurance, buildings insurance or both. The price you pay will depend on a few factors, mainly where you live, how big your home is and what you want covered on your contents insurance.

A combined contents and building insurance policy cost an average of £307 a year.

Building cover costs an average of £258.

Contents insurance costs an average of £127.

That’s the lowest average price since 2015 for contents insurance.

Combined cover costs on average less than £6 per week.

£6

The average home insurance policy cost just £307 a year, or under £6 a week.

Home insurance claims

Whether your home has been broken into or adverse weather conditions have caused flooding – there may be a time where you need to claim on your insurance. The level of cover you pay for will determine what you are able to claim for, but what are the most common claims for?

Contents insurance

Contents insurance is a way of protecting your personal belongings and items within your home. When taking out your policy it’s important to accurately estimate the value of your items in case you ever need to make a claim. The average contents policy costs just £127 a year, or £2.40 a week.

The value of possessions owned by all UK households now totals nearly £1 trillion.

Average amount of stuff owned, at £35,000, is worth more than the average annual UK salary of £27,000

Over a quarter of households – 7.5 million – have no contents insurance.

This means that there is over £266 billion unprotected possessions, potentially at risk.

£2.40 per week

Is the average cost of contents insurance, less than UK households spend on takeaways per week (£4.40)

How much are the contents of my home worth?

As a rough guide, the below list gives you an idea of contents valuation for the size of your home.

Esther Wolffowitz is a publisher at finder.com. She is a specialist in insurance and wants to help UK consumers make better decisions. In her spare time, Esther enjoys discovering new restaurants and food markets in London.

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